All Forum Posts by: Jessica Frasier

Hey Luis-

First off, thank you for your service.

Second, I am very familiar with the Quantico area. Unfortunately, that area (as well as Northern Virginia in general) does not have a lot (if any) multi-family properties. I know several investors in the area that have bought a single-family property and rent out bedrooms,. Although be sure to check for restrictions on that because every neighborhood and HOA is different.

A few places to consider are Woodbridge and Stafford and even Fredericksburg. Beyond that, you'll have a long commute to Quantico- although there may be more multi-family properties available as you move toward central Virginia. 

Welcome to BP! Always good to see another NoVA person around. 

@David Wong So, keep in mind that I grew up in the DMV my whole life so when you ask me why people commute that long, to me, it's really not that unusual. For example, my uncle lives in Woodbridge and commutes up to Maryland for work since his company moved up there. He wakes up at 4AM everyday and takes a van pool so they can use HOV lanes. It's about 1.5 hours one way. And he is able to come home earlier as well and try to miss out on the traffic. All of his neighbors wake up around the same time. 

Why do people do it? Because the DMV is expensive! The area is growing, there are tons of jobs, lots of opportunity. Amazon has narrowed down the cities for their second headquarters and look at three of the areas: Northern Virginia, Montgomery County, MD, and Washington DC. If Amazon comes here, I can't imagine how crazy the traffic will be. We have van pools, toll roads, and slug lines to get people into the city. 

People live that far away because they don't have a choice. If you have a family of 4-5 and work in Fairfax, a lot of people have to live further out to afford a home big enough. Off the top of my head, I know dozen of people who live in West Virginia and commute to DC. I also know dozens of people who live in Culpepper and Fredericksburg and commute to McLean. I also once met someone who lived in Pennsylvania and commuted into DC everyday. He woke up at 3:30AM everyday. People in the DMV are motivated and hungry for career progression. Everything is fast-paced. 

Also, I have only seen a handful of small multi-families on the market in this area. They are not common in this area. I hope this helps!

@Jocelyn Canfield I worked with a great realtor that lives in Pottstown. Unfortunately, the deal didn't go through but she was going to be our property manager as well. She is also an investor. PM me for her contact info.

@David Wong I grew up in Woodbridge and there are a lot of military members. Also check out parts of Maryland along 95. In the DMV, it's not uncommon for people to have a 90+ minute work commute one way.

@John Halverson Here are my two cents: consider which major is going to give you the income to fund those flips. Figure out which major can provide you a W-2 job with the income and *time* to work on your wealth-building plan. Choose a degree that interests you. I think any of the majors you listed are a good step toward your goal.

@Aaron Hall

Funny, last night I was talking to a friend in the area who is house-hunting and figured I share another possibility. Depending on your budget and neighborhood restrictions, there are homes with in-law/guest suites attached to a single-family house with their own entrances. There may be a chance that you could rent out the suite (again, check if there are any zoning issues). I'm not sure of the supply in NoVA but we found a handful last night.

@Aaron Hall

Unfortunately, NoVA does not have a large supply of multi-family properties (2-4 units). Having lived in the area and speaking to others who have searched for them, they are very difficult to come by. I do know that there is more supply in parts of DC and Maryland- which has its disadvantages as well. You may also consider having a longer commute and looking beyond Fredericksburg (south of Northern Virginia). I recently saw some multi-families on the market, but not a lot. 

If you're flexible, you'll have more options if you choose to rent out spare bedrooms or a basement in a single-family home.

@Ian Lawson Welcome to BP! You're definitely in the right place to learn what you don't know. As previously suggested, definitely check out the BP podcasts. They're a great place to start. Also, see if there are any local REI club and start networking with experienced investors.

@Shiloh Lundahl makes a good point! I don't know what your goals are, but there are people who get started by raising money from family and friends- people who know the investor at a personal level and see their drive and motivation. Over time, they are able to establish a track record and credibility to attract experienced partners. 

Either way, you'll get a lot of great advice in the forum. Good luck!